U.S. President Joe Biden put taxes and corporate stock buybacks squarely in investors’ focus during the State of the Union address as part of his push to restructure the world’s largest economy to be less favorable to the very wealthy. | Reuters
“We could see an acceleration and that could boost earnings and equity prices this year, perhaps,” said Jack Ablin, co-founder and chief investment officer at Cresset Capital, ahead of the speech. “If this tax encourages companies to raise their dividends instead of buying back shares, all in all, it’s not a bad thing.”
Biden’s words on the $31.4-trillion debt ceiling were also of interest to investors. The White House has said Biden will not negotiate over the need to lift that ceiling, while Republicans want spending cuts in exchange for their support. “Obviously Biden is clearly pitching to the Republicans is that they want to work together. Most people anticipate that is not going to be an easy promise as you get there.”Other topics were also watched by investors, particularly remarks on China, a key area of interest for investors.
Silverblatt estimates the existing 1 percent tax will shave off only 0.5 percent from S&P 500 earnings in 2023.
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